BALTIMORE, July 15, 2004 (PRIMEZONE) -- Law Offices Of Charles J. Piven, P.A. today announced that a securities class action was commenced on behalf of shareholders who purchased, converted, exchanged or otherwise acquired the common stock of Red Hat, Inc. ("Red Hat" or the "Company") (Nasdaq:RHAT) between June 19, 2001 and July 13, 2004, inclusive (the "Class Period"). A second case was filed for shareholders who acquired shares during a shorter proposed class period, namely December 19, 2003 through July 13, 2004, inclusive.
The cases are pending in the United States District Court for the Eastern District of North Carolina against defendants Red Hat and one or more of its officers and/or directors.
The actions charge that defendants violated federal securities laws by issuing a series of materially false and misleading statements to the market throughout the Class Period, which statements had the effect of artificially inflating the market price of the Company's securities and forcing the Company to restate its earnings.
No class has yet been certified in the above actions. Until a class is certified, you are not represented by counsel unless you retain one. If you are a member of the proposed class, you may move the court no later than September 13, 2004 to serve as a lead plaintiff for the proposed class. In order to serve as a lead plaintiff, you must meet certain legal requirements. To be a member of the proposed class you need not take any action at this time, and you may retain counsel of your choice.
If you acquired shares of Red Hat during the Class Period or the proposed shorter class period indicated and want to discuss your legal rights, you may e-mail or call Law Offices Of Charles J. Piven, P.A. who will, without obligation or cost to you, attempt to answer your questions. Law Offices Of Charles J. Piven has been involved in securities litigation for over ten years. You may contact Law Offices Of Charles J. Piven, P.A. at The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202, by email at hoffman@pivenlaw.com or by calling 410/986-0036.